Net income dropped 86% to $5,407,000 from $39,735,000 on 13% lower sales of $348,491,000 down from $400,715,000 for the second quarter. Higher interest rates translated to lower demand in the Aftermarket Applications Group, dropping 31% to $107.1 million, and Powered Vehicles Group, down 16% to $117.8 million. Gross margin contracted 110 b.p. to 31.8% on unfavorable product mix and deleverage from lower volume, partially offset by boosted efficiencies at the North American facilities. Total operating expenses were up 17% to $92.4 million, deleveraging 670 b.p. to 26.5% of sales on Marucci ... Log in to view full article.